I went to an expensive private liberal arts college with almost a full ride but part of my financial aid package was approximately $4,000 in loans a year.
I was miserable at this place and dropped out my last year when I realized I wasn't going to be able to graduate on time and I didn't have the money to pay for an extra semester.
I left without ever getting a degree.
I went back to my country and eventually graduated from a cheap local university. Fast forward 6 years later, I'm getting an email from a collection agency saying I owe them $32,000!! My principal was $12,000 with an 8% interest rate. I don't really understand how this number was calculated.
In my contract it said the interests would not accrue if I was enrolled full-time as a student but apart from the time I requested a transcript so I could apply to the other school, I haven't officially told them I was a student somewhere else.
I just started work for an American company in my country right now and would have to go to America for business trips often.
I understand I owe the money and I'm not proud to have to ask this question. I don't have savings and I only make $600 a month and not a US salary despite it being an American company.
My questions are:
- What are the consequences if I ignore the emails?
- I got a social security number when I took up on campus jobs at the school and I do have a credit score. Can they get a hold of this and report to the credit bureaus even though I don't live in America?
- How would this affect me if I visit America often? Does this mean I would not ever be able to live in America?
- Will they know when I come to America and arrest me at the border or can they take away my passport?